tv Asia Business Report BBC News February 13, 2020 1:30am-1:46am GMT
i'm kasia madera with bbc world news. our top stories: the world health organisation says reports from china that coronavirus infections have stabilised must be treated with extreme caution. the organisation's head warned that the virus could still spread. at a meeting in geneva, public health officials from around the world agreed a master plan to tackle the outbreak. the indonesian presidentjoko widodo has rejected criticism that his presidency has become increasingly restrictive. however, in an exclusive interview with the bbc, he said thatjobs come before human rights. and video of a huge fire at the fifth—largest oil refinery in us is attracting a lot of interest on our website. a pipeline caught fire on tuesday night but was put out within hours. there were no reported injuries at the exxon mobil plant in baton rouge, lousiana.
thanks for watching. bye— bye. more on our web site bbc.co.uk/news and the news app. now on bbc news, live to singapore for asia business report. the world's largest mobile phone showcase becomes the latest event being cancelled over coronavirus concerns. and in an exclusive interview with the bbc, indonesia's president says he is going ahead with his plans to move the capital city. hello, welcome to do this thursday's asia business report. i'm sharanjit leyl. thursday's asia business report. i'm shara njit leyl. we thursday's asia business report. i'm sharanjit leyl. we begin with the coronavirus covert 19, which
continues to disrupt global business life —— covid—19, the mobile world congress has been cancelled. organisers say it has become impossible for the event to go ahead as planned in barcelona later this month. you had the likes of bt, facebook, nokia, sony and vodafone, all high profile exhibitors who have pulled out of the event. michelle fleu ry pulled out of the event. michelle fleury has more from new york. just to give people some context, mobile world congress is one of the most attended global technology conferences, and it has been largely cancelled. big names pulled out like samsung networks, cisco systems, ericsson, nokia, the only vendor is that were huawei and zte in a scaled back presents. this event typically ta kes pla ce
back presents. this event typically takes place at the end of february in barcelona, spain. usually it a tt ra cts in barcelona, spain. usually it attracts something like 109,000 attendees, it is sort of a chance of these companies do lay out their store for the year. the big product launches and set the tone for the year. now that is going to have to be delayed because of concerns about the coronavirus. that is michelle fleury. the chinese grand prix is another event due to take place in shanghai in april but that has been postponed. formula 1 tells us the decision has been made to ensure the health and safety of drivers, staff and fans. staying with the virus, fears of a wider outbreak has sparked panic buying of certain products in places like hong kong and right here in singapore. take a look at theirs. this is a store here in singapore, essentially nervous shoppers emptying cells in supermarkets stocking up on canned goods, facemasks and toilet paper.
it prompted singaporean officials do assure “— it prompted singaporean officials do assure —— to assure citizens there would be adequate supplies in case the virus situation worsens. so what is the psychology behind this panic buying? i put that question to and associate professor at nus business school. there are two kinds of uncertainty. the first is that you won't be able to go to the supermarket at all, if the situation gets very bad you may not be able to go. the second uncertainty is about whether things will be available evenif whether things will be available even if you are able to go to the supermarket. that is where the herd mentality come in —— comes in. if someone mentality come in —— comes in. if someone takes a picture of an empty sale that isn't representative, everybody may think it is representative and makes it worse. these pictures are being spent on social media. yes. is amplifying
this herd mentality? you make news travels fast stop say if you sold two friends that they were out of toilet paper, today you put it on social media and 100 people will see it right away. they will recirculate it right away. they will recirculate it to another 100 people. so it travels superfast. let's talk about climate change now. bp says it will use carbon capture technology and tree planting to cut its net carbon emissions to zero by 2050. here is the firm's new boss. but the reality is we are seen by many as a source of the problem and worse still an obstacle of the problem and worse still an o bsta cle to of the problem and worse still an obstacle to solving it. on my first day last week, protesters forced us to shut down our headquarters, and they aren't the only ones who believe we are out of step with society. so investors do as well.
and some of our own staff also. and thatis and some of our own staff also. and that is an uncomfortable place to be and let me be very clear today that i get it. the world does have a carbon budget, it is finite and it is running out fast and we need a rapid transition to net zero. bp's new boss there but oxfam says bp is using a shiny net zero promises as a cover to continue extracting oil and gas stop if we are to reach net zero, then companies like bp must invest meaningfully in low carbon technologies. joko widodo in an exclusive interview with the bbc says he is pressing ahead with moving the country's capitaljakarta
to the province of east kalimantan. $33 —— it has raised fears of destruction and pollution, butjoko widodo says it will have a positive environmental impact. so you are guaranteeing environmental rides and the rights of indigenous people in that area will be protected and there will be consulted? will be protected and there will be consulted ? —— will be protected and there will be consulted? —— and they will be consulted?
you came into power and you promised to clamp down on corruption. but when there was a chance to stop the weakening of the anti—corruption commission, you could have stopped out, but you didn't. why not? you have a new project, it is very wide ranging. it's meant to attract foreign investment. what is the reason behind this?
and you can watch that full interview with indonesia's president joko widodo right here on bbc world news on saturday and sunday on those times on your screen. that's because up with the team in india. more bad news with inflation figures this time not looking good. i'm a correspondentjoins us now from delhi. fill us in. well, these are all critical economic indicators when a time the indian economy is not doing very well. vegetable prices have pushed retail inflation to about 7.95%, it is the highest it
has been in six years. in fact, the reserve bank of india's estimates had been about 4% and it has breached that limit for the last four consecutive months. vegetable prices since last year have risen over 50%, and to give you a sense, a sample of this, prices have gone up by 16%, egg prices have gone up by 10%, you have spices going up by about 6%, onions, the big staple ingredient in every indian kitchen, which is also a critical political factor as well during voting, that has gone up over 247%. the numbers are difficult. what this essentially does is it leaves very little room for the government and the reserve bank of india to manoeuvre at a time when the economy is growing at its lowest in six years at a dismal 4.5%. usually what would have happened as they would cut lending rates to increase consumption and business ending. but in a scenario like this with rising inflation figures, the rbi has very little flexibility to do that with those
inflation figures coming in. so it becomes all the more difficult for the rbi to shore up the economy and all of this is coming just two weeks after the budget was announced only finance ministers that all seems to be going better. indeed. thank you for giving us the latest there on those inflation figures in india. let's ta ke those inflation figures in india. let's take a look at the markets before we go. this is where they are at. the open as i mentioned earlier. the nikkei has been flat since it opened. the all ordinaries in australia is higher and the hang seng has opened does well. a lot of this is reflecting the gains we saw on wall street on reassurances that coronavirus numbers were stabilising but we know this morning there has been that spike. thanks for watching. hello, welcome. this is bbc news. the top stories this hour: the world health organization says reports from china that the coronavirus outbreak has
stabilised must be treated with extreme caution. in an interview with the bbc, indonesia's presidentjoko widodo has rejected criticism of his leadership — and said his country remains tolerant of minorities. vulnerable children under the age of 16 will no longer be placed in care homes which aren't inspected by the regulator ofsted. last year investigations by bbc news revealed that children as young as 11 were living in unregulated accommodation. our special correspondent ed thomas has been talking to the education secretary about the proposed changes. just a house where people profit from young, vulnerable children. children neglected... i never really had any support. all i had was basically a bed. ..exploited. .. everyone that was involved, whoever did what they did... ..and abused. ..someone needs to pay a price for the pain. for a year, bbc news has been investigating failures inside unregulated accommodation for children in care.
that house was basically just a drug deal house. i had to live there because i couldn't go nowhere else. now the government plans to act. the bbc highlighted something that just needed to be changed. what we are announcing today is the end of unregulated children's homes for those under 16. our reports revealed more than a dozen cases of organised abuse linked to unregulated homes and we learnt that children as young as 11 have also been placed by councils in unregulated homes. your reports expose there are children that are being placed in that type of care. that isn't something we are going to allow to continue to go forward. so, if a local authority thinks they can continue to place children in those types of environments, quite simply they will have their powers withdrawn in order to be able to continue to look after children's services. we also revealed that some children in care had been placed in caravans, narrow boats, and holiday homes. there are hundreds of children under the age of 16,
there are thousands of children who are 16, 17. why is their vulnerability assessed differently? so, this is an important point. we're setting a minimum set of standards for every single care home. how will that be inspected, regulated? that is going to be inspected and regulated by ofsted to make sure that they have the right set of standards. ofsted are already stretched, though, aren't they? so will there be more resources for ofsted to do this? and what you have seen over the last sort of the few months, we have put extra resources into ofsted. we discovered ofsted has not prosecuted a single provider for running an illegal, unregistered home. the secretary of state wants to give them more powers. can you guarantee that this will be tough enough and make sure no child is abused in an unregulated home? the consultation will run for eight weeks, before new legislation is brought in to safeguard some of our most vulnerable children. ed thomas, bbc news. hello. this is sport today, live from the bbc sport centre. coming up on this programme: the chinese grand prix is postponed
as the coronavirus claims another high profile sporting event. a fairytale start for vissel kobe they thrash malaysia'sjohor darul ta'zim in their asian champions league debut. will he, won't he? could woods join golf‘s new disru ptor competition with a prize fund of $2110 million? hello and thanks for joining us on sport today. the shanghai grand prix is the latest sporting event to be postponed in china due to the ongoing outbreak of the coronavirus. the formula 1 racejoins among others, the chinese super league, the world athletics indoor championships, and a world cup alpine skiing event to be cancelled or postponed. organisers of the race, scheduled for the 19th april in shanghai, requested the postponement as chinese officials continue their efforts bring the virus under control. adam wild has more.